Con Ed Owes Taxes On Gas-Fired Plant Deal, Fed. Circ. Says

Law360, New York (January 10, 2013, 2:52 PM EST) -- The Federal Circuit ruled Wednesday that Consolidated Edison Co. of New York Inc. and its units must pay taxes on a technically tax-sheltered deal for a gas-fired cogeneration plant in the Netherlands, reversing a lower court's decision.

Remanding the case to the U.S. Court of Federal Claims, which had absolved Con Ed and its subsidiaries of the taxes, a three-judge panel applied a substance-over-form doctrine and said the utility's intentions to take advantage of a lease-in/lease-out tax shelter structure outweighed the technical aspects that allowed it...
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